Chop banana peppers (take out seeds for less spicy).
Heat oil in a pan over medium heat. Cook chopped onion until soft (about 5 minutes). Add minced garlic and cook for 1 minute (don't let it turn brown).
Cook with onion and garlic for 5-7 minutes until soft. And toss chopped banana peppers in the pan.
Pour honey and vinegar into the pan. Stir and simmer for a few minutes. Then set aside until it cools down to room temperature.
Then transfer to the blender and blend until smooth.
Add salt and pepper.
Use it on grilled meats, as a spread, or in salads.